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Commissioners extend $200,000 revolving-loan fund loan to Brick Capital Community Development Corporation for three years at 6%
Summary
The board voted to extend a $200,000 loan from Lee County's revolving loan fund to Brick Capital Community Development Corporation (loan previously issued in 2021), changing the rate to market at 6% and securing a deed of trust on Jackson Heights property as collateral. The motion passed; the meeting record shows an affirmative vote with one
The Lee County Board of Commissioners voted on Dec. 16 to extend a $200,000 loan from the county's revolving loan fund to Brick Capital Community Development Corporation for an additional three years at a market interest rate of 6%.
Background and purpose: The county established a revolving loan fund in 2019 and amended its policy to allow loans for affordable housing. In 2021 the county issued a $200,000 loan to Brick Capital (appears in the record also as "Bridal Capital" in some places); county staff presented a promissory note and loan agreement for the requested extension and said Brick Capital would provide a deed…
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